Dr. Diane Nicolson reports

AMARC EXTENDS 2026 EXPLORATION PROGRAM AT THE DUKE DISTRICT: INITIATES DRILLING PROGRAM AT ESTABLISHED PORPHYRY COPPER-GOLD TARGETS

Amarc Resources Ltd. and Boliden Mineral Canada Ltd. have initiated drilling to follow up on copper-gold (Cu-Au) targets confirmed by exploration surveys completed in 2026 at the Duke copper-gold district in central British Columbia. The extended exploration program is fully financed by Boliden as part of the Duke joint venture (see Amarc news release dated April 2, 2026).

The 808-square-kilometre (km) Duke district is located 80 km northeast of Smithers within the Babine region, a well-mineralized porphyry Cu-Au belt in B.C., hosting the former Bell and Granisle Cu-Au mines that were operated by Noranda Mines, and the advanced-stage Cu-Au Morrison deposit owned by a third party. Notable infrastructure is in place to service the former mines and the forestry and mineral exploration industries, including an extensive network of forest roads across the Duke district.

To date, systematic and extensive Duke district programs have substantially expanded the Duke Cu-Mo-Au-Ag (copper-molybdenum-gold-silver) deposit to an area measuring 900 by 600 metres (m), which remains open to expansion. These exploration programs have further revealed the potential for the development of a porphyry Cu-Au district while efficiently screening out less prospective areas (see Amarc news release dated July 2, 2025).

Exploration surveys completed earlier in the 2026 season included:

• 45 line km of induced polarization (IP) ground geophysics;
• 19 line km of audio-magnetotellurics ground geophysics;
• 235 soil grid geochemical samples;
• Biogeochemical sampling;
• Gaseous elemental mercury geochemical sampling;
• 400 square km of lidar-derived* (light detection and ranging) surficial geology mapping to refine understanding of surficial geochemical sampling.

The 2026 drill program is designed to test a series of porphyry Cu-Au deposit-scale targets defined and/or refined by the 2026 geophysical, geochemical and geological surveys. Targets identified for drill testing include those along the southeast-trending NAK-Duke magnetic corridor, which features evenly spaced, recurring clusters of magnetic anomalies at repeated six km intervals (see Amarc news release dated April 2, 2026). The Duke deposit is located approximately six km southeast of American Eagle's promising NAK Cu-Au deposit (see American Eagle website).

About Amarc Resources Ltd.

Amarc is a mineral exploration and development company led by a management team with a 40-year record of generating strong shareholder value through the discovery and development, and the successful transaction of long-life, high-value copper and/or gold deposits both in British Columbia and on the global stage. Through its association with Hunter Dickinson Inc. (HDI), a diversified, global mining company, members of Amarc's team have been associated with 39 discoveries or projects significantly advanced, 14 of which have been mined or are currently in production, with more to come.

Amarc is advancing the Joy, Duke and Ike districts located in prolific porphyry regions of Northern, central and Southern British Columbia, all of which are in proximity to key industrial infrastructure -- including power, highways and rail. Each district represents significant potential for the discovery and development of multiple and important-scale, porphyry copper plus or minus gold deposits. The Joy and Duke districts have attracted more than $144-million in strategic partner financing to date, from two highly sophisticated industry participants: Freeport McMoRan Minerals Properties Canada Inc., a wholly owned subsidiary of Freeport-McMoRan, a foremost global copper producer, at Joy (see Amarc news releases dated May 12, 2021, and May 29, 2025), and Boliden Mineral Canada Ltd., an entity within Boliden Group, a multinational Swedish metal provider primarily focused on zinc and copper, at Duke (see Amarc news releases dated Nov. 22, 2022, and April 2, 2026).

The Joy district hosts the metal-rich Aurora gold-copper deposit, discovered in 2024, which stands to be the key to the development of not only the district but to the entire Toodoggone region. The Joy district is also host to multiple other historical deposits, discoveries and deposit targets. The Duke district, and the Duke deposit, are located in the Babine region, one of B.C.'s most prolific porphyry copper-gold belts that includes the past-producing Bell and Granisle mines, and the advanced-stage Morrison deposit, held by third parties. The Ike district hosts two known copper plus or minus gold deposits open for drill expansion and multiple deposit-scale targets ready for drill discovery.

Amarc has only just begun to tap the full potential of its three districts and is unlocking shareholder value through its well-financed discovery focused exploration, a highly disciplined approach to development, and by consistently working to develop close partnerships with governments, communities, indigenous groups and other stakeholders.

Qualified person

Mark Rebagliati, PEng, a qualified person (QP) as defined by National Instrument 43-101, has reviewed and approved all technical and scientific information contained in this news release. Mr. Rebagliati is not independent of the company.

Copper equivalent (CuEQ) calculations use metal prices of Cu at $4 (U.S.) per pound (lb), Mo at $15 (U.S.) per lb, Ag at $24 (U.S.) per ounce (oz) and Au at $1,800 (U.S.) oz, and conceptual recoveries of Cu at 85 per cent, Au at 72 per cent, Ag at 67 per cent and Mo at 82 per cent.

* Lidar uses laser pulses to calculate distances, capture precise measurements and measure ranges to create 3-D information about a specific area and its characteristics.

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